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The recent relaxation of exchange controls by the Reserve Bank of Fiji has been seen as a good policy move by Westpac Fiji.
Westpac Fiji’s acting general manager Peter Warnett said it underscored the importance of operating in an unregulated environment.
“Westpac has welcomed the Reserve Bank of Fiji’s (RBF) relaxing of its control over exchange measures and interest rate spread introduced earlier this year,” Warnett said.
“We think it’s very important for us to return to an unregulated environment where we can continue to support our customers and our people by reinvesting in new technology and training, developing new electronic distribution channels and contributing to the community with initiatives such as our microfinance project and our sponsorship of the successful Rotary Water For Life program.”
The RBF had imposed tighter exchange controls in April when it devalued the Fiji dollar by 20 percent.
It also aimed direct measures at the weighted average lending rates of banks and other lending institutions, which it said was too high.
All commercial banks have complied as a result.
“I know our customers who travel, have children studying overseas and those that make regular overseas payments will certainly welcome these changes too,” added Warnett said.
Westpac has operations in seven Pacific islands: the Cook Islands, Fiji, Papua New Guinea, Samoa, Solomon Islands, Tonga and Vanuatu, Westpac started operations in Fiji 1901and today has nineteen branches, a number of business banking units and ATMs across the country.
